LAS VEGAS — With more than 30 years of experience representing tenants and landlords in retail negotiations, Jedd Nero, principal and executive managing director at Avison Young’s New York office, has worked with household-name retailers such as Hershey’s, Hugo Boss and Verizon Wireless. Nero was one of about 37,000 retail professionals who attended ICSC RECon in Las Vegas in late May. As the crowd jostled through the Las Vegas Convention Center in search of their next networking..
For most brick-and-mortar retailers, visibility to remain top-of-mind is at the forefront of operational decisions. Not so for microbreweries. In fact, it’s not as much about where a brewery is located as it is about how it is designed. For this still fairly young industry, brewery architecture and design are nearly as important as the beer itself. Microbreweries are quickly taking the Southeast by storm as places to taste and enjoy a fine beverage, as well as spend an enjoyable afternoon..
Retail Is Going Through a Massive Transformation But is Far From Dead, Says Kennedy Wilson’s Fred Cordova
Throughout his 32-year career, Fred Cordova has purchased, sold, financed, developed and leased more than 6.5 billion square feet of real estate. As the executive vice president of brokerage services at California-based Kennedy Wilson, Cordova currently specializes in the retail sector. Western Real Estate Business caught up with Cordova at ICSC RECon in late May to get his thoughts on how traditional brick-and-mortar retailers can survive the current rash of store closures. Western..
HERNDON, VA. — A new forecast released by the NAIOP Research Foundation calls for approximately 39.7 million square feet of net absorption of office space in 2017. That is about 10 million square feet per quarter — similar to the 41.4 million square feet absorbed in 2016. Greater than expected hiring in the office-using sectors of the economy led to 14.8 million square feet of positive net absorption in the fourth quarter of 2016, well above the 7.8 million square feet that had been..
Are the below-average monthly job gains recorded in May due to a labor shortage, or is there weakness emerging in the employment market? That’s the crucial question in the wake of the latest job figures released by the Bureau of Labor Statistics (BLS), which showed employers added 138,000 nonfarm payroll jobs in May, well below the 12-month average of 181,000 positions. Meanwhile, the unemployment rate fell from 4.4 percent in April to 4.3 percent in May. “Most evidence points toward..
LAS VEGAS — Amid a throng of more than 37,000 convention-goers at RECon — the world’s largest retail real estate trade show — Heartland Real Estate Business sat down with veteran Chicago broker Rick Scardino and CEO Jeff Rinkov of Lee & Associates on the show floor of the Las Vegas Convention Center in late May. Scardino, a principal with the Chicago office, spearheads the retail division at Lee & Associates of Illinois. Rinkov serves as CEO and chairman of the board. The..
Investors View Anchored Centers as Best Source of Opportunity in Changing Retail Landscape, Real Capital Markets Reports
An evolution is taking place in the retail sector today. Big box retailers are no longer in vogue with today’s active and experience-driven consumer, and the growth of e-commerce continues to spark a need for change throughout the retail landscape. Bankruptcies and store closures may be topping the headlines, but the sentiment in the sector remains cautiously optimistic, according to Real Capital Market’s May 2017 Retail Sentiment Report. For the May report, RCM surveyed its database..
LAS VEGAS — The roof isn’t about to cave in on the retail industry despite a rash of store closures and bankruptcies. Far from it, insists Hessam Nadji, president and CEO of Marcus & Millichap. Core retail sales, which exclude auto and gasoline sales, have risen 28 percent from the peak of 2008 on a nominal basis and 12 percent when adjusted for inflation, according to combined data from the Bureau of Labor Statistics, the U.S. Census Bureau and Marcus & Millichap. Unlike the..
Airports by and large are jumping on the “shop local” bandwagon, offering more and more locally based dining options. Airports that infuse the local character into their design and restaurant and retail offerings will likely entice travelers to stop and spend their dollars. Chicago Midway International Airport is set to undergo a major renovation of its concessions and food offerings. In February, the city council approved the ordinance authorizing a concession redevelopment and..
LAS VEGAS — In the midst of a particularly tumultuous period for the retail sector, evidenced by waves of store closures, what advice do seasoned shopping center executives have for aspiring young professionals seeking to make their mark in this business? The question arose Monday during a panel discussion moderated by Marcus & Millichap’s Bill Rose, national director of the brokerage firm’s retail group, at the Renaissance Las Vegas Hotel. The hour-long program, titled “Retail..